characterize the restrictions on one period utility domains for the equitable social welfare relation (i) to exist; and (ii) to …

The option value of postponing retirement is the difference between the utility when retiring at the age that maximizes … utility minus the utility when retiring now. This note shows that a utility function which depends only weakly on the value of … leisure such as the utility function proposed by Stock and Wise (1990) and used in many applications (see Gruber and Wise …

We develop a new class of utility functions, SAHARA utility, with the distinguishing feature that it allows absolute … of wealth. The class contains the well-known exponential and power utility functions as limiting cases.We investigate the … optimal investment problem under SAHARA utility and derive the optimal strategies in an explicit form using dual optimization …

Using a homogeneous and continuous utility function that represents a household's preferences, this paper proves … explicit identities between most of the different objects that arise from the utility maximization and the expenditure … to go from the indirect utility function to the expenditure function and from the Marshallian demand to the Hicksian …

income. Stratification and sorting often manifest state-dependent preferences in which the marginal utility of income … before location is chosen, the a priori von Neuman-Morgenstern utility function over both choices can take the Friedman …

We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion … may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA …) utility functions. We illustrate the consequences of this result for asset allocation: poor agents that are uncertain about …

This paper studies the nature of social welfare orders on infinite utility streams, satisfying the efficiency principle …